Indian stock markets indices have been trading in the red due to selling activity being witnessed across sectors. All sectoral indices are trading in the red, led by banking and realty stocks.
The BSE-Sensex is trading down by 143 points and NSE-Nifty is trading weak by 43 points. BSE Mid Cap and BSE Small Cap indices are trading down by 0.8 % and 0.4% respectively. The rupee is trading at 53.23 to the US dollar.
Automobile stocks are trading in the red led by Eicher Motors and Ashok Leyland. As per a leading daily, Hero MotoCorp is planning to launch its own range of two-wheelers by 2014. The Indian automobile company has an agreement with their former partner Honda for sourcing technology and two-wheeler models from them. It may be recollected that the joint venture between the Munjal group and Honda Motors was discontinued a year ago. Hero had been on the lookout for other potential partners globally and seems to have started working on its new model without any help from Honda. Hero presently is the leader in the two-wheeler market with 45% share while Honda has 13.8% market share.
Power stocks are trading weak today. Jaiprakash Power and GVK Power and Infra are the top losers. As per a leading financial daily, Tata Power is going to buy out BP Alternative Energy's entire holding of 51% in their joint venture (JV). The joint venture by the name of Tata BP Solar manufactures solar photovoltaic cells and solar modules in India. The JV exports these as well. As per the management of Tata Power, favourable policy environment in India will provide opportunities in the solar module and solar cell market. The power company is currently trading 2% higher.